Nears $10,000

Bitcoin continues to rally after Facebook's Libra launch

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June 21, 2019 Welcome to the weekly edition of the CoinDesk Markets newsletter! Every Friday we will review our cryptocurrency price predictions posted during the week via CoinDesk Markets Twitter  or our private room on StockTwits, the CoinDesk Dojo.  "Trades You Missed" will feature our favorite trade ideas or technical analysis insights that accomplished impressive gains, where as "Trades We Missed" will feature those that took a turn for the worse. Wins and losses are both part of the trading game, so we hope you will learn how to replicate our successes and minimize losses!   Ether Bounces From Key Support ETH/USD: Price: $285| MCAP: $30.55 billion | Maximum Gain: +8% Why we were intrigued:   Ethereum’s ether token has appreciated by 7.5 percent in the last 24 hours with the price rising from $265 to $290.    Our analysts put out a bullish forecast on ether when the price was trading at $268. The rationale behind calling fresh move to the higher side was ether's defense of former resistance-turned-support.    It is worth noting that any time an asset or a cryptocurrency breaks above key resistance, a higher high – a bullish structure – is confirmed.    More often than not, markets test bulls’ resolve by revising the new found support. The key level holds ground if buyers take advantage of the price dip, which is what happened in the ether market.    The pullback from $280 ran into bids near the horizontal line (hurdle-turned-support) – a sign of buy the dip mentality and investor confidence in the ongoing rally – and the price rose back to $290 as predicted.    Looking forward, the cryptocurrency looks set to rise above $300 for the first time since September 2018, as the relative strength index (RSI) is reporting bullish conditions with an above-50 print.    The outlook would turn bearish only if the price violates the bullish higher lows pattern with a move below $226, although that looks unlikely in the short-term.   The Trade The Result Bitcoin Eyes $10,000 BTC/USD: Price: $9,800 | MCAP: 174.75 billion | Maximum Loss: -1.3% Why we were intrigued:   Bitcoin jumped 2.77 percent on Thursday as opposed to $250 pullback predicted by our analyst. The forecast was based on signs of bull exhaustion near $8,300 and volume analysis.    To start with, BTC repeatedly struggled to find acceptance above $9,300 in the first half of this week.    Further, buy volumes were consistently lower than sell volumes through out the 72-hour period – a sign of buyer exhaustion.    In such cases, prices usually pullback. However in this case, BTC went on to set fresh 13-month highs. The analyst likely did not take into account the fact that BTC's repeated defense of $9,000 would end up inviting stronger buying pressure.    Further, by Wednesday, consensus was built in the market place that Facebook’s US dollar-backed cryptocurrency Libra will end up bitcoin’s appeal as an alternative to fiat money. That likely put a bid under BTC on Thursday, sending higher to $9,600.    As of writing, BTC is changing hands at $9,875 on Bitstamp. The technical charts indicate scope for a break above $10,000.   To cut a long story short, the pullback view failed. Our analyst, however, had warned that a high-volume move above $9,478 would open the doors to $10,000.  When trading markets, especially against primary trend, it is imperative that we remain flexible and switch sides as per the price action.    The Trade The Result   We're excited to announce the launch of the CoinDesk Dojo, a premium subscription part of StockTwits' recently announced Premium Rooms product. Ask the analysts—Omkar, Sam and Seb—questions about charts and talk with other traders looking to profit off the volatility of the crypto markets.  Create an account on StockTwits and then subscribe! Subscribe Here   Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. Copyright © 2018 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list